HOW LOAD AND NO-LOAD FUNDS ARE QUOTED
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The financial pages of most daily newspapers list mutual fund
share prices. There are two prices listed for each fund: the public offering
price and the net asset value.
offering price (POP) is the price the public pays for a share of a fund.
The net asset value (NAV) is the value of a share. It is
the amount you receive when you redeem a fund share.
The POP may contain a markup to cover the sales load if there is one. Some
publications quote both the NAV and the offer price. Some do not quote the offer
price at all. Those that don't may quote the sales charge instead, leaving you
to do the math to figure out how much the load is in dollars.
Here is an example:
XYZ MUTUAL FUND
In the above case, there is a sales load of $1.00.
Though a fund may be no-load, it is not necessarily free
of fees. The next screen will explain why this is so.